The term 'semantic web' refers to a conceptual framework that extends the current web by enabling data to be shared and reused across application, enterprise, and community boundaries. It relies on standards and technologies such as RDF (Resource Description Framework) and OWL (Web Ontology Language) to create a more machine-readable web. The semantic web aims to add meaning to web content, allowing for better interoperability of data and improving search engines and services through enhanced capabilities of understanding and context. This transforms how we interact with information online, leading to smarter applications.